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Jewar airport: Noida Authority approves Rs 1,069.50 crore funds

Jewar airport: Noida Authority approves Rs 1,069.50 crore funds
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Noida: In a bid to expedite work at the airport project scheduled to come up at Jewar, the Noida Authority, on Friday, gave an in-principal approval for releasing its share in funding of the airport project. The decision was taken in Noida Authority's 196th board meeting.

As per a senior officer at Noida authority, the estimated budget for the airport project is expected to be between Rs 15,000-Rs 20,000 crore while it also requires 5,000 hectare of land. The state government and Noida authority will contribute Rs 1,500 crores each as their stake in the company which has been chosen to supervise the airport project while the Greater Noida and Yamuna Expressway authorities will stake Rs 500 crores each as their contribution in the project.

"The authority has given an approval for releasing funds of Rs 1,069.50 crores for the construction of Noida International Green Field Airport at Jewar. The funds will be used for land acquisition and providing compensation to farmers, lands of whom have been acquired by the authority for construction of the airport project," said a senior official of Noida authority.

The proposed airport, which will be the second in the NCR after Delhi's Indira Gandhi International Airport, is expected to go operational by 2022-23. The administration is working to acquire around 1,344 hectares of land from six villages to complete first phase of the project. Uttar Pradesh government has already approved sanction of Rs 1,259 for the land acquisition process while the Noida authority's share will also be escalate the progress of the project.

Among the other major decisions taken up by the board, the authority has taken key decisions on the solid waste management system in the city wherein they have decided to reimburse a particular amount of electricity bill for running automatic compost machine which converts domestic and industrial solid green waste into fertiliser.

"The authority has been making all possible efforts to overcome the menace of solid waste management in the city. Keeping in mind to which, the board has decided to reimburse 50 % electricity bill for running the fully automatic compost machine for the first year while for the next year, a subsidy of 25 % in electricity bill will be provided by the authority," the officer added. Apart from these, the board has implemented re-schedulement policy of debts on the builders. By implementing such policies, the authority is aimed to overcome the long prevailing issues between the builder and home buyers.

As a part of farmers compensation, lands of whom have been acquired by the authority for various development schemes, the authority will now give money value equivalent to the 5 per cent developed plot as a part of their compensation.

"The board has decided to offer a monetary compensation at the rate of Rs 22, 000 per square meter against the area of land allotted to the farmers," the official said. Further on the farmer's issues, the board has considered their demands of 10 per cent developed plots against the land acquired.

"The board has also approved the proposal for providing 10 per cent developed plots, maximum to the size of 450 square meters, to farmers. We will send the proposal to government for its final approval," the official added.

The authority's financial budget for the year 2019-20 has also seen a substantial growth of Rs 927 crores as compared to the last year. In the year 2018-19, the years budget announced to be used for various development work was Rs 4900 crores while this years it has been raised to Rs 5827 crores.

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